Yorkville Commercial Realty

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Slate Office REIT, whose portfolio includes properties in both Canada and the United States , has defaulted on $158 mill...
06/26/2024

Slate Office REIT, whose portfolio includes properties in both Canada and the United States , has defaulted on $158 million of debt despite an ambitious restructuring plan that included selling off significant assets. It appears broader economic trends and sector weaknesses have hindered the company’s efforts.

Restaurant, bar, coffee shop for lease with patio.
06/07/2024

Restaurant, bar, coffee shop for lease with patio.

Yorkville
04/29/2024

Yorkville

March 5, 2024 – Greater Toronto Area (GTA) home sales and new listings were up on an annual and monthly basis in Februar...
03/06/2024

March 5, 2024 – Greater Toronto Area (GTA) home sales and new
listings were up on an annual and monthly basis in February 2024. Selling prices also edged upward compared to a year earlier. Population growth and a resilient regional economy continued to support the overall demand for housing. Higher borrowing costs kept home sales below the February sales record reached in 2021.
We have recently seen a resurgence in sales activity compared to last year. The market assumption is that the Bank of Canada has finished hiking rates. Consumers are now anticipating rate cuts in the near future. A growing number of homebuyers have also come to terms with elevated mortgage rates over the past two years. To minimize higher monthly payments, some buyers have likely saved up a larger down payment, chosen to purchase a less-expensive home type and/or looked to a different location in the GTA. REALTORS® reported 5,607 GTA home sales through TRREB’s MLS® System in February 2024 – an increase of 17.9 per cent compared to February 2023. Even after accounting for the
leap year effect, sales were up by 12.3 per cent year-over-year. New listings were up by an even greater annual rate than sales in February, pointing to increased choice for buyers. On a seasonally adjusted month-over-month basis, February sales were lower following two consecutive monthly increases while new listings were flat. Monthly figures can be somewhat volatile, especially when the market is approaching a transition point. Home selling prices in February 2024 remained similar to February 2023. The MLS® Home Price Index Composite benchmark edged up by 0.4 per cent. The average selling price of $1,108,720 increased by a modest 1.1 per cent. On a seasonally adjusted monthly basis, both
the MLS® HPI Composite and the average selling price edged upward. As we move through 2024, an increasing number of buyers will re-enter the market with adjusted housing preferences to account for higher borrowing costs. In the second half of the
year, lower interest rates will further boost demand for ownership housing. First-time buying activity will also be a contributing factor, as many renters look to trade high monthly rents for a long-term investment in which they can live and build equity.

ICI Commercial - The Annex apartment buildings, multiplexes. Contac us for more information. YorkvilleCommercial.com
02/29/2024

ICI Commercial - The Annex apartment buildings, multiplexes. Contac us for more information. YorkvilleCommercial.com

Housing starts trend down in JanuaryOttawa, February 15, 2024Total SAAR housing starts for all areas in Canada decreased...
02/22/2024

Housing starts trend down in January
Ottawa, February 15, 2024

Total SAAR housing starts for all areas in Canada decreased 10% in January 2024 (223,589 units) compared to December 2023 (248,968), according to Canada Mortgage and Housing Corporation (CMHC).

The six-month trend in housing starts decreased from 249,757 units in December 2023 to 244,827 units in January 2024, a 2% drop. The trend measure is a six-month moving average of the monthly seasonally adjusted annual rate (SAAR) of total housing starts for all areas in Canada.

Despite these declines, the actual number of housing starts across Canada in centres of 10,000 population and over was up 13% to 14,878 units in January 2024 compared to 13,220 units in January 2023. The year-over-year increase was driven by high multi-unit starts.

Actual housing starts were 49% higher year-over-year in Toronto but were 44% and 6% lower in Vancouver and Montreal, respectively. This suggests many other metropolitan areas made significant contributions to total housing starts in January 2024.

Quote:
“The SAAR of housing starts declined in January pushing the trend down for the second consecutive month. Despite the trend performance, actual starts saw strong year-over-year growth, driven by high multi-unit starts, particularly in Toronto. In fact, from a historical perspective, we observed the second highest number of housing starts for the month of January going back to 1990,” said Bob Dugan, CMHC’s Chief Economist.

Key facts:
The monthly SAAR of total urban (centres 10,000 population and over) housing starts decreased 11%, with 208,119 units recorded. Multi-unit urban starts decreased 14% to 164,789 units, while single-detached urban starts increased 0.08% to 43,330 units.
The rural starts monthly SAAR estimate was 15,470 units.
Total SAAR housing starts were up 179% in Toronto, driven by a significant increase in multi-unit starts. Montreal and Vancouver both posted declines of 28% and 55%, respectively, due to sizeable decreases in multi-unit starts.
Monthly Housing Starts and Other Construction Data are accessible in English and French on our website and the CMHC Housing Market Information Portal.
Housing starts data is available on the eleventh business day each month. We will release the February housing starts data on March 15 at 8:15 AM ET.
CMHC uses the trend measure as a complement to the monthly SAAR of housing starts to account for considerable swings in monthly estimates and to obtain a clearer picture of upcoming new housing supply. In some situations, analyzing only SAAR data can be misleading, as the multi-unit segment largely drives the market and can vary significantly from one month to the next.
Definitions and methodology to better understand the foundations of the Starts and Completions and Market Absorption surveys.
As a trusted source of housing information, CMHC provides unbiased housing-related data, research, and market information to help close knowledge gaps, and deepen understanding of complex housing issues to inform future policy decisions. Housing starts facilitate the analysis of monthly, quarterly, and year-over-year activity in the new home market. The data we collect as part of our Starts and Completions and Market Absorption surveys helps us obtain a clearer picture of upcoming new housing supply and is used as part of our various housing reports.

CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers objective housing research and information to all levels of governments, consumers and the housing industry.

Following a weak second half of 2023, home sales over the last two months are showing signs of recovery, according to th...
02/22/2024

Following a weak second half of 2023, home sales over the last two months are showing signs of recovery, according to the latest data from the Canadian Real Estate Association (CREA).

Home sales activity recorded over Canadian MLS® Systems rose 3.7% between December 2023 and January 2024, building on the 7.9% month-over-month increase recorded the month prior. While activity is now back on par with 2023’s relatively stronger months recorded over the spring and summer, it begins 2024 about 9% below the 10-year average. (Chart A)

“Sales are up, market conditions have tightened quite a bit, and there has been anecdotal evidence of renewed competition among buyers; however, in areas where sales have shot up most over the last two months, prices are still trending lower. Taken together, these trends suggest a market that is starting to turn a corner but is still working through the weakness of the last two years,” said Shaun Cathcart, CREA’s Senior Economist.

Highlights:

National home sales were up 3.7% month-over-month in January.

Actual (not seasonally adjusted) monthly activity came in 22% above January 2023.

The number of newly listed properties edged up 1.5% month-over-month.

The MLS® Home Price Index (HPI) fell by 1.2% month-over-month but was still up 0.4% year-over-year.

The actual (not seasonally adjusted) national average sale price posted a 7.6% year-over-year increase in January. National gains were once again led by the Greater Toronto Area (GTA), along with Hamilton-Burlington, Montreal, Greater Vancouver and the Fraser Valley, Calgary, and most markets in Ontario’s Greater Golden Horseshoe and cottage country.

The actual (not seasonally adjusted) number of transactions came in 22% above January 2023, the largest year-over-year gain since May 2021. That said, with current activity still running at below-average levels, the double-digit gain was more reflective of the base effect from the comparison to January 2023, which was the worst start to almost any year in the past two decades.

The number of newly listed homes edged up 1.5% on a month-over-month basis in January, although it remains close to the lowest level since last June.

“The market has been showing some early signs of life over the last couple of months, probably no surprise given how much pent-up demand is out there,” said Larry Cerqua, Chair of CREA. “There’s a consensus that the market will probably look quite a bit different this year compared to 2022 and 2023, so if you’re hoping to buy or sell a property in 2024, contact a REALTOR® in your area and get your game plan ready today,” continued Cerqua.

With sales up by more than new listings in January, the national sales-to-new listings ratio tightened further to 58.8% compared to under 50% just three months earlier. The long-term average for the national sales-to-new listings ratio is 55%. A sales-to-new listings ratio between 45% and 65% is generally consistent with balanced housing market conditions, with readings above and below this range indicating sellers’ and buyers’ markets respectively.

There were 3.7 months of inventory on a national basis at the end of January 2024, down from 3.8 months at the end of December and 4.1 months at the end of November. The long-term average is about five months of inventory.

The Aggregate Composite MLS® Home Price Index (HPI) fell by 1.2% on a month-over-month basis in January 2024. This represented an acceleration from the 1.1% decline recorded in December.

Price declines of late have been predominantly located in Ontario markets, particularly the Greater Golden Horseshoe and, to a lesser extent, British Columbia. Elsewhere in Canada prices are mostly holding firm or in some cases (Alberta and Newfoundland and Labrador) continuing to climb.

The Aggregate Composite MLS® HPI was up 0.4% on a year-over-year basis in January 2024, little changed from readings over the last six months (0.4% - 1.1%). (Chart B) The actual (not seasonally adjusted) national average home price was $659,395 in January 2024, up 7.6% from January 2023.

Toronto neighbourhood group opposes development, gets hit with legal fees. The large corporation wanted to push ahead wi...
02/22/2024

Toronto neighbourhood group opposes development, gets hit with legal fees. The large corporation wanted to push ahead with a 20-storey high-rise condo project on Toronto's Bloor Street West.

The community volunteers opposed it, and asked regulators to stop the development from going ahead. The grassroots group lost an appeal. And now, the lawyer for the developer is demanding $10,000 in fees, as ordered by an Ontario judge.

"The judge gave no reasons for that loss (the appeal) and then awarded them $10,000 in legal fees -- they tried to go for $80,000," said Cristina Costa, co-director of South Junction Triangle GROWs Neighbourhood Association.

The group represents about 180 residents and small business owners. It appealed a City of Toronto decision to the Ontario Land Tribunal over a development at 1423-1437 Bloor Street West.
South Junction Triangle GROWs was concerned about what it called the "mistreatment and displacement of tenants and the 400 storeys of unaffordable, luxury investment condo properties proposed within a 0.5 kilometre radius in the Junction Triangle." The project is backed by KingSett Capital, a private equity real estate investment business.

FOR LEASE
02/21/2024

FOR LEASE

An exodus of 45,000 Ontario real estate workers has hit the industry since the slowdown — but some say Toronto still has...
02/21/2024

An exodus of 45,000 Ontario real estate workers has hit the industry since the slowdown — but some say Toronto still has too many agents. Agent revenues have plunged as the market slowed to a crawl. But Toronto still has more agents per capita than anywhere else in the world, and some worry even more could jump back in.

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